I have over 25 years' experience in international financial journalism, working for the Thomson Reuters news agency in various countries, and had reporting assignments in many more, including China, Japan and the United States. I started as a cub reporter in the Netherlands and worked several years in the very competitive European news hub of London. Later, I became a chief correspondent for France and had a short secondment as European business editor. Based in Paris, I now run my own communication and content agency, M2Media.fr. I help clients with media and communication strategies, media training, market research, reputation studies and management due diligence. I studied general and business economics at the University of Amsterdam, where I obtained the equivalent of a Master's degree. In my spare time, I am an accomplished cook and blog about food and recipes on maitremarcel.com . I practice Swedish gym, jogging, cycling and enjoy traveling. I have been married to Maartje since 1989, after we met during cycling holidays in the Spanish Rioja area. We still regularly share wine and meals, as well as some athletic activities.

The author is a Forbes contributor. The opinions expressed are those of the writer.

Siemens Bid For Alstom Is Complex Dismantling VS GE Transaction

Germany’s SiemensSiemens has tied up with Japan’s Mitsubishi Heavy Industry (MHI) to make a bid for French industrial group AlstomAlstom on Monday that basically dismantles much of the French group’s turbines business and could eventually be followed by a rail tie-up.

The offer looks like cherry-picking on the key energy assets, acquiring major service contracts and nuclear know-how, in exchange for 7 billion euro to Alstom, some more to large holder BouyguesBouygues and the promise of limited extra jobs for a group that has 18,000 staff, or 19 percent of its world total, employed in France.

In a joint statement the two bidding companies detailed they would create three companies out of Alstom’s energy business. Siemens would buy 100 percent of Alstom’s gas turbine business in including related service contracts for 3.9 billion in cash and a job guarantee of up to three years in France and Germany for the transferred businesses.

MHI would create three joint ventures with Alstom by taking a 40 percent stake in Alstom’s Steam and Nuclear business, 20 percent of the Grid business and 20 percent of the Hydro business.

The Japanese group will inject 3.1 billion euros in cash in Alstom and buy a stake of 10 percent in Alstom currently held by Bouygues.

The two bidding companies called their offer a “win-win” situation and promised to create more than 1,000 jobs in France.

However, Siemens would only start to discuss a possible “European Champion” in Transport after these energy alliances have been approved and completed and would then be “prepared” to become a long-term shareholder in a combined business.

A European “Airbus of rail” was a wish of French industry minister Arnaud Montebourg and German Chancellor Angela Merkel. But they will have to wait for that under this proposal.

Jobs are important for France where the Socialist government of president François Hollande and Prime Minister Manuel Valls struggles to cut unemployment and spur growth.

Apart from the gas turbines, the French company would keep majority stakes in the other businesses.

The shareholders see their stakes diminished in return for cash going into the company, not to the shareholders.

General ElectricGeneral Electric Company is offering some 12.35 billion euro, including 2.5 billion in cash, in an outright acquisition of the Thermal, Renewables and Grid business that would leave Alstom the train activities as a standalone company.

Outright Sale Or Carve-Up?

Alstom management has already expressed its support for the GE bid and the US company has promised that some decision centers will remain in France. It also expected “net jobs growth” in France at the acquired businesses.

For Alstom and its board of directors there is either a straight 12.35 billion euro deal on the table or 7 billion in a kind of salami deal that will see the dismantling of activities that do have industrial complementarity as often the same clients use various kinds of power stations.

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